What to Expect During a Real Estate Closing
It's the big day. You've done your research, viewed various properties, and settled on just the right one—but finding the right house isn't the end of it. Then comes the buying process, which can be daunting and confusing for first-time buyers. You probably could have guessed that there is a significant amount of paperwork to do and lots of dotted lines to sign, but you may not know all that goes into the process of transferring home ownership.
At a real estate closing, there are a few things that will happen:
- Property ownership is transferred from the owner (now former owner) to you.
- The current property owners will receive a check for any proceeds from the sale, real estate agents will receive commission, and you (the buyer) will need to have a check in-hand that covers all closing expenses.
- The title company will make sure you properly sign the deed and register the new deed with the right government department, making you the legal homeowner.
How an Attorney Can Help
If something goes wrong with the paperwork during a real estate closing or in the weeks and months leading up to it, you could end up with a legal and financial headache. However, by bringing an attorney into the mix on the front end, you can set yourself up for smooth sailing. When you involve a real estate attorney in your real estate closing, there are a few things they will do:
- Examine the title and make you aware of restrictions, easements, and anything else the seller or real estate agent may have kept form you (or simply not known)
- Establish title insurance in order to protect you and your lender in case there turns out to be an issue with the title at any point in the future
- Conduct a full review of all documents in order to ensure there are no major errors or omissions—and more!
Closing On a House? We Can Help.
Our team at Ahmad Law Firm is here to help you make sure all the nuts and bolts of your real estate closing are in their proper place and protect you from the consequences of both innocent oversight and deceitful omission. Connect with one of our Cook County real estate attorneys today to get the help you need and set yourself up for a positive home-buying experience.
Call us today at (847) 791-2294 or send us an email to connect with a member of our team.